Russian international reserves surge nearly five percent in first half of 2010

Date: 2010/7/9 Click: 1135

Russia's international reserves increased 4.95 percent by July 1 compared with that of Jan. 1, or 21.751 billion U.S. dollars, to stand at 461.201 billion dollars, the Central Bank of Russia said Wednesday.

In June, international reserves gained 1 percent, or 4.8 billion dollars, at a monthly basis.

The international reserves consist of highly liquid financial assets at the disposal of the central bank and the government, including foreign currency, monetary gold, special drawing rights, the reserve position at the International Monetary Fund and other reserve assets.

Russia's international reserves peaked on Aug. 8, 2008 to hit 597.5 billion dollars. However, with the eruption of the global financial crisis and a fall in oil prices that led to the devaluation of the Russian ruble, the country's international reserves correspondingly contracted, and hit their lowest point on March 13, 2009, at 376.1 billion dollars.

The figures are gradually climbing up along with the improvement of Russian economy and the upward trend of global energy prices.